Miller Value Funds ($3.5 B AUM) Files With SEC to Buy Bitcoin via GBTC
Miller Value Fund, an asset management firm with $3.5 billion in AUM has filed with the Securities and Exchange Commission (SEC) to purchase Bitcoin via Grayscale Bitcoin Trust. The official filing contained extensive discussions on bitcoin and also revealed that their Opportunity Trust Fund is looking to invest in Bitcoin.
The Miller Value Partners is run by veteran investor and asset manager Bill Miller who has already invested in Bitcoin for quite some time now but on a personal level, this would be the first instance of him managing a bitcoin portfolio for a publically traded fund. The official filing also revealed that the company is looking for a 15% exposure via the GBTC trust fund and would stop buying once the cap is reached. The official filing read,
“any additional investments in the Grayscale Bitcoin Trust if, as a result of the investment, its aggregate investment in bitcoin exposure would be more than 15% of its assets at the time of investment.”
The company’s 15% exposure to Bitcoin also created confusion about whether the company is planning to sell bitcoin once its portfolio reaches the 15% mark, however, it was clarified that the firm meant they won’t add any new Bitcoin if their existing purchase breach the 15% of their portfolio.
No, the filing just says they won't add if it's over 15%. They can let that original 15% position ride.
— MacroScope (@MacroScope17) February 5, 2021
$25 Billion in Institutional Money to Flow Into Bitcoin
2021 could prove to be the year of institutional influx into bitcoin which started by the last quarter of 2020 when the likes of Paypal, MicroStrategy, and 10 other publically traded companies started adding bitcoin to their company sheets. The software giant MicroStrategy is currently leading the institutional bitcoin exposure and till now has invested $1.5 billion in the top cryptocurrency. Michael Saylor, the CEO of the firm recently revealed that NYDIG’s Ross Stevens informed him about a possible $25 billion institutional inflow into bitcoin by the end of the year.
Miller Value Fund’s 15% exposure to Bitcoin only makes that point more believable as more public companies are currently considering getting into bitcoin. The top cryptocurrency has emerged as the growing choice of institutions as the new hedging asset and store of value.
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